Bernard Matthews Disposes of German Business
UK turkey giant Bernard Matthews has sold its German subsidiary, Bernard Matthews Oldenburg (BMO), to Union Holdings & Co, which incorporates the Sprehe Gruppe business, a Germany-based producer of chicken, turkey and pork. BMO supplies the German market with turkey and chicken products under the BM Oldenburg brand.
According to Bernard Matthews, its German business has flourished in the last few years, but has also grown more independent of the UK operation. The proceeds from the sale will reduce Bernard Matthews’ group debt by €14 million.
Alan Jamieson, chairman of Bernard Matthews, comments: “The sale of this non-core business releases capital that will be useful to the UK operation as we continue to rebuild profitability and to invest in the UK’s leading turkey producer and only significant independent poultry brand. We look forward to a very busy Christmas as we put turkey on more than three million of the nation’s tables.”
Bernard Matthews was recently put up for sale by owner Rutland Partners, the specialist turnaround and restructuring investor, which has appointed Price Waterhouse Coopers (PWC) to look at possible buyers. Rutland Rutland Partners first invested in Bernard Matthews alongside the existing family interests in 2013.
